In Focus
  • Key Implications of Latest Hong Kong Insurance Authority Guidelines Defining Regulated Activities
    Important implications for the Hong Kong insurance industry as well as non-insurance entities collaborating with insurers arise from the latest explanatory note issued by the Insurance Authority in October 2021 defining whether someone is carrying on a ‘regulated activity’ under Section 64G of the Insurance Ordinance Cap 41 and therefore needs to be a licensed insurance intermediary. 
  • US IRS Releases Final Regulations Addressing IBOR Transition
    On December 30, 2021, the Internal Revenue Service (IRS) published final regulations for the IBOR transition. This Legal Update provides background on the principle US federal income tax concern with IBOR-related amendments to existing contracts and an overview of previous IRS guidance aimed at addressing the concern. The Update then discusses the types of modifications that can fit within the final regulations, the relief provided for modifications that do fit and a few questions left open by the IRS.
  • EU Top Court Issues First-Ever Judgment on the EU Blocking Statute Against US Sanctions
    On December 21, 2021, the Court of Justice adopted its judgment in Case C-124/20, Bank Melli Iran, and, for the first time since its adoption in November 1996, interpreted the so-called “Blocking Statute.” The statute seeks to protect operators in the European Union against the effects of the extra-territorial application of certain sanctions adopted by the United States of America. The judgment of the Court of Justice has important ramifications that are further discussed in this Legal Update.
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